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English definition of “economic theory”

economic theory

noun
 
 
ECONOMICS
[U] the ideas and priniciples that aim to describe how economies work: Basic economic theory states that if wages are too high, economic growth will suffer.
[C] a particular idea or principle that aims to describe how an economy works: He disagreed with supply-side economic theories.
(Definition of economic theory from the Cambridge Business English Dictionary © Cambridge University Press)
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